BY: SUVRAJ MINHAS Getting My Life Together!. My Life In 5 Years… I plan to be finished school and be working as an ECE, which is short for Early Childhood.

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Presentation transcript:

BY: SUVRAJ MINHAS Getting My Life Together!

My Life In 5 Years… I plan to be finished school and be working as an ECE, which is short for Early Childhood Educator.

Step 1: My Annual Income My annual income is the starting salary of $22,612 Then I get my annual salary and calculate it with my taxes: $22,612 x 0.18=$4, Then I subtract my annual salary with the number I received from the last equation: $22,612 - $4,070.16=$18,  income after tax $22,612 x 0.06=$1,  CPP (how much put in yearly) $18, – 1,356.72=$17,  annual income $17, ÷ 12= $1,  monthly income

Step 2: Create A Balanced Budget Housing Costs: $ per month is what I will pay rent towards my parents while I live at home, this is 21% of my total. Transportation: $ per month for transportation in monthly passes, this is 7% of my total. Food: $ per month for groceries, this is 10% of my total. Utilities: $85.00 per month for my phone bill and anything extra, this is 6% of my total. Medical/Health: $55.00 per month for medical/health insurance, this is 4% of my total.

Step 2: Create A Balanced Budget cont. Personal: $60.oo per month is money that I'll spend on myself, this is 4% of my total. Clothing: $30.00 per month is money that will be spent on buying clothes, this is 2% of my total. Entertainment: $100 per month is set aside for movies and such, this is 7% of my total. Savings: $1, $875.00=$ $ is what I will be saving monthly and what I will also be putting into my savings account.

Step 3: Pie Chart of my Budget

Step 4: Determining a bank account The bank account I chose that would be best for me is a Value Account. I chose this account because I am putting $ in the bank each month. Also as I am going to pay with cash for most things I won’t have as many fees to worry about if I using using a card.